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Tesla

Maybe now you can afford a Tesla

Chris Woodyard
USA TODAY

Tesla Motors said Thursday it is adding a new lower-priced Model S sedan to its lineup, saying it wants to put the car within reach of more luxury-car buyers.

The new version, to be called the 60, will be priced at $66,000 and have a range of 210 miles per charge — roughly double the range of electric cars from most other makers. That compares with the next cheapest version of the Model S, the 70, which is priced at $71,500. The fanciest performance version of the sedan sells for $96,650.

The all-wheel-drive version, the 60D, will be priced at $71,000 and have a range of 218 miles. By comparison, the current cheapest all-wheel-drive model, the 70D, goes for $75,300 before destination fees, according to Tesla's website.

When it comes to performance, the Model S 60 will go from zero to 60 miles per hour in 5.5 seconds thanks to its electric motors, Tesla says. Top speed will be 130 mph.

After tax incentives and gasoline savings compared with driving conventional cars, Tesla estimates the 60 will be effectively priced at about $50,000. Although General Motors plans to sell a new electric-powered Chevrolet, the Bolt, with a 200-mile range, Tesla says its target with the lower-priced car is to actually lure in other luxury-car buyers. The new lower-priced Tesla will have a leasing rate that the company believes will make it competitive with rivals like Mercedes-Benz's C-Class and Audi A4.

The news didn't exactly rock investors. Tesla shares closed down 2.6% to $229.34.

The new lower-priced model will seem like a throwback to some Tesla owners. Tesla had a previous 60 model, priced at $69,900. It was sold from 2012 until last year. But Tesla says the new one will be better, with the updated design and extra safety features like automatic braking.

The new lower-priced Tesla will be able to use Tesla's Supercharger network for free. Also, owners can eventually upgrade the battery pack to give the car more range.

For electric-car enthusiasts who demand an even lower price, Tesla will have its mid-priced Model 3 coming into the market late next year.

Tesla has updated the looks of its Model S sedan
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